This quiz works best with JavaScript enabled. Home > Economics > International Economics > International Trade > International Trade – Quiz 19 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books International Trade Quiz 19 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Promote the development of the manufacturing industry in Malaysia, it is also the provision of medium and long term loans. A) MIDF. B) WHAT. C) MATRADE. D) GATT. Show Answer Correct Answer: A) MIDF. 2. The producer that can produce the most output OR requires the least amount of inputs (resources) A) Comparative Advantage. B) Trade Offs. C) Absolute Advantage. D) Opportunity Cost. Show Answer Correct Answer: C) Absolute Advantage. 3. How were different cultures and philosophies discovered A) Because China sent large amounts of silk along this road. B) Through people connecting with each other. C) Because it is made of many routes. D) Because they carried precious goods and the roads weren't safe. E) Because the roads were dangerous and nature was hard. Show Answer Correct Answer: B) Through people connecting with each other. 4. A newspaper reported that exports from Sweden remained low for five months as changes in the rate of exchange meant that Swedish goods became more expensive to buy abroad. What else would be likely to happen? A Imported goods would become cheaper in Sweden. B Swedish people would switch to buying home-produced goods. C The Swedish balance of payments would improve. D The Swedish balance of trade would improve. A) A. B) B. C) C. D) D. Show Answer Correct Answer: A) A. 5. There are many different countries that trade goods and services, so a(n) ..... is established. A) Currency exchange. B) Tariff agreement. C) Border. D) Translator agreement. Show Answer Correct Answer: A) Currency exchange. 6. Which country is the world's largest importer? A) Russia. B) China. C) United States of America. D) England. Show Answer Correct Answer: C) United States of America. 7. Which country is the United States biggest import partner? A) Japan. B) Mexico. C) China. D) Russia. Show Answer Correct Answer: C) China. 8. Most of our ..... have been working with us for a number of years. A) Supplies. B) Supporters. C) Suppliers. D) Supplements. Show Answer Correct Answer: C) Suppliers. 9. They focus their attention on countries experiencing short-term economic crises A) International Monetary Fund. B) World Trade Organization. C) World Bank. D) None of above. Show Answer Correct Answer: A) International Monetary Fund. 10. Most students are confused by her lectures, but Joe can always ..... her main idea A) Extract. B) Haggle. C) Intrepid. D) Distill. Show Answer Correct Answer: D) Distill. 11. Portfolio investment means one company invests in another company by way of investing in its securities and earning income in the form of interests and dividends. A) TRUE. B) FALSE. Show Answer Correct Answer: A) TRUE. 12. What is the acronym of GDP? A) GROSS DEPARTMENT PRODUCT. B) GROSS DOMESTIC PRODUCT. C) GROSS DOMESTIC PROCESS. D) None of above. Show Answer Correct Answer: B) GROSS DOMESTIC PRODUCT. 13. Can an international trademark registration obtained through the WIPO Madrid System be cancelled or invalidated? A) No. B) Maybe. C) Not sure. D) Yes. Show Answer Correct Answer: D) Yes. 14. Production possibility frontier skewed to the X-axis because of ..... A) Industry X need more labour in their production. B) Industry X need more capital in their production. C) Country resources are more on Labour. D) Country resources are more on Capital. Show Answer Correct Answer: C) Country resources are more on Labour. 15. What are non-tariff barriers? A) Taxes on imported goods. B) Trade agreements between countries. C) Restrictions to trade that are not in the form of a tariff or tax. D) Export subsidies given by the government. Show Answer Correct Answer: C) Restrictions to trade that are not in the form of a tariff or tax. 16. Which method of payment is the least risky for an exporter? A) Prepayment. B) Trade credit. C) Open account. D) Letter of credit. Show Answer Correct Answer: A) Prepayment. 17. Why was life on the silk Road difficult A) Because China sent large amounts of silk along this road. B) Through people connecting with each other. C) Because it is made of many routes. D) Because they carried precious goods and the roads weren't safe. E) Because the roads were dangerous and nature was hard. Show Answer Correct Answer: E) Because the roads were dangerous and nature was hard. 18. The economic and political union of European nations established in 1993 is called the A) EU. B) APEC. C) G8. D) WTO. Show Answer Correct Answer: A) EU. 19. Maxicopolis can produce 100 bushels of wheat or 100 yards of cloth. Minicopolis can produce 100 bushels of wheat or 300 yards of cloth. Which city has an absolute advantage in the production of cloth? A) Maxicopolis, because they can produce more cloth (300 > 100). B) Minicopolis, because they can produce more cloth (300 > 100). C) Neither:Both nations can produce 100 yards of cloth, meaning neither producing a larger "absolute" quantity of cloth than the other. D) Both:Either way, both cities can produce more than 100 yards of cloth, which is pretty gosh darn cool if you ask me. Show Answer Correct Answer: B) Minicopolis, because they can produce more cloth (300 > 100). 20. It refers to business activities that transfer resources, goods, services, knowledge, skills, or information across national borders A) International trade. B) Globalization. C) Globalized. D) International Business. Show Answer Correct Answer: D) International Business. ← PreviousNext →Related QuizzesInternational Economics QuizzesEconomics QuizzesInternational Trade Quiz 1International Trade Quiz 2International Trade Quiz 3International Trade Quiz 4International Trade Quiz 5International Trade Quiz 6International Trade Quiz 7International Trade Quiz 8 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books